August 23, 2022
Private investment firms Centerbridge Partners and Bridgeport Partners have acquired Computer Services Inc. (CSI), a provider of end-to-end financial and regulatory technology (regtech) solutions. The cost is $1.6 billion, or $58 per share. CSI’s board of directors unanimously approved by the agreement.
The deal should close in the fourth quarter of 2022.
CSI’s Steve Powless
Steve Powless is CSI’s chairman of the board.
“After a thorough strategic review, the CSI board of directors is very pleased to announce this transaction and believes it is in the best interests of our shareholders,” Powless said. “Upon completion of the transaction, CSI intends to continue operating under the leadership of CEO David Culbertson and the CSI leadership team.”
With headquarters in Paducah, Kentucky, CSI has a long history of delivering end-to-end solutions. It serves nearly 2,600 customers in the U.S. and in 30 other countries.
CSI’s David Culbertson
David Culbertson is CSI’s president and CEO.
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“For more than 57 years, CSI has been known as a leader in innovation and customer service. Centerbridge and Bridgeport have deep experience in technology and financial services as owners and operators. Working together after the closing, CSI intends to execute our strategic plans to expand and diversify our product offerings.”
Product Road Map
The company plans to transform its technology to leverage the scale and resilience of the public cloud. CSI wants to optimize fintech and regtech solutions through open banking and banking-as-a-service initiatives.
In working with Centerbridge and Bridgeport, CSI plans to bring more solutions to market faster.
Centerbridge’s Jared Hendricks
Jared Hendricks is senior managing director at Centerbridge. Ben Jaffe is managing director.
“Supporting high-quality companies is central to our strategy at Centerbridge. We have a deep track record of doing so in both financial services and technology. We are excited to work with CSI, as we share a like-minded commitment to innovation for customers and satisfaction for employees,” Hendricks and Jeffe said. “CSI has a long, distinguished history in Paducah, Kentucky, as well as other local communities across the nation. We plan to continue our commitment and investment in these communities to further foster the CSI legacy.”
Centerbridge and Bridgeport bring years of experience driving growth and value for businesses across a variety of industries.
Frank Martire is Bridgeport’s founder.
Bridgeport’s Frank Martire
“I am pleased to have this opportunity to partner with Centerbridge on the acquisition of CSI. It’s a company that I have followed closely for decades and have respected as a real leader in financial services and technology. CSI has always been known for its commitment to its customers, employees, partners and the communities it serves. It’s a reputation that Centerbridge and Bridgeport are committed to maintaining while we work together with David and his team to implement the company’s growth initiatives.”
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